The global digital twin market size reached $12.94 billion in 2022, according to a new report by GlobalData Plc. Soaring adoption of sophisticated software integrated digital twin capabilities in the areas of product design, manufacturing, construction, engineering, and supply chain management is presumed to drive the market growth over the forecast period.
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Over the last two years, the digital twin market witnessed innovative vertical-specific platform solutions from key vendors in this space that prompted enterprises to accelerate their digital transformation initiatives. For instance, in November 2022, Schneider Electric introduced the latest versions of EcoStruxure Water Cycle Advisor – District Energy and EcoStruxure Water Cycle Advisor – Water Simulation, the digital twin tools for water and district energy utilities. The solution offers powerful benefits to users who are seeking to maximize digital capabilities to ensure efficiency, quality, and insight across the water and district energy lifecycles.
Similarly, in April 2022, Autodesk launched Autodesk Civil 3D, Autodesk InfraWorks, and Autodesk ReCap Pro, the next-generation tools for modernized Infrastructure. These tools enable the company to build infrastructure projects with better architectures. Such innovations, notably vertical-specific platform, are expected to bode well for the digital twin market growth over the forecast period.
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Digital Twin Market Report Highlights
- The global digital twin market is projected to witness a CAGR of 36.3% from 2022 to 2030. The growing deployment of digital twin solutions to improvise supply chains and operational processes from economic disruptions caused by macroeconomic factors such as looming recession, price inflation, and the Russia-Ukraine conflict is expected to drive the market growth.
- The manufacturing segment accounted for the largest market share of over 30% in 2022. The growing adoption of simulation and CAD technologies by automobiles and other discrete industries are expected to favor the digital twin market growth over the next eight years.
- In 2022, the service segment catered to more than 60% of the overall digital twin market share. The surge in the number of service contracts with leading service providers such as TCS, Wipro, and HCL by enterprises, is expected to be the primary reason for the market growth over the next few years.
- North America and Europe together captured over 60% of the overall digital twin market demand in 2022. Robust technological infrastructure along with the availability of a faster network to deploy digital twin projects is expected to propel the market demand over the next few years.
- The key digital twin market players analyzed as part of this report include Ansys Inc, Autodesk Inc, Amazon Web Services (AWS), Bentley Systems Inc, Dassault Systèmes SE, GE Digital, IBM Corporation, Microsoft Corporation, Siemens AG, and Schneider Electric.
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GlobalData Plc has segmented the Digital Twin market report by Product/Service, Vertical, and region:
Digital Twin Market Product/Service Outlook (Revenue, USD Billion, 2019-2030)
Digital Twin Market Vertical Outlook (Revenue, USD Billion, 2019-2030)
- Medical & Pharmaceutical
- Transportation & Logistics
Digital Twin Regional Outlook (Revenue, USD Million, 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South & Central America
- Rest of South & Central America
- Middle East & Africa
- United Arab Emirates (UAE)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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